Upward-only rent deals cost state €53m yearly

THE Government is tied into upward-only rent reviews amounting to €53 million, with the failure to overhaul rules for leasing costs in the budget costing the state millions of euro, it has been claimed.

Retailers are furious over the Government’s u-turn on promises to tackle the rents system and now predict there will be an avalanche of store closures as well as the loss of thousands of jobs.

However, the state itself is also thought to have lost out on funds after the decision last week not to challenge the upward-only-rents system.